No consultations have taken place with Saudi Arabia regarding a potential release of oil reserves by the United States and its allies, a senior Gulf source with knowledge of the matter said on Tuesday.

“It is not customary for Saudi Arabia or key OPEC+ producers to conduct consultations outside the group on oil policy, especially prior to a meeting,” the source said.

Sources had earlier said an oil reserve release was being weighed amid soaring prices and tightening supplies after Russia invaded Ukraine.
Source: Reuters